Higher OPEC+ production to limit oil price gains

The recent decision by OPEC+ to increase its oil production quotas and the prospect of higher Iranian output point to a smaller global oil market deficit this year than we had previously envisaged. Nevertheless, the persistent deficit means that we still expect oil prices to rise in Q2 and Q3 – just not by as much – before starting to slip in the final quarter as OPEC+ production continues to increase.

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